Evergreen Advisors Capital, a middle-market investment bank, is pleased to announce that Sayres Defense, a Broadtree Partners portfolio company, has acquired Joint Research and Development (JRAD). Broadtree Partners is a middle-market private equity firm with a specific focus on aerospace, defense, intelligence, and federal civilian government services. JRAD is a leading provider of test and evaluation services, total life-cycle acquisition support, medical and public health preparedness, and science and technology research and development to government customers including DOD, DHS, and Federal Civilian Agencies. JRAD has extensive expertise in defense and homeland critical areas including weapons of mass destruction, emerging CBRN threats, modeling and simulation, systems engineering and integration and laboratory and non-laboratory sciences.
With this acquisition, JRAD becomes the second company in Broadtree’s GovCon platform, joining Sayres Defense, a leading provider of systems engineering and mission support services to the Department of Defense. Tim Reardon, current CEO of Sayres Defense and prior Lockheed Martin and Leidos senior executive, will lead the combined companies as CEO. With long legacies of outstanding performance in the GovCon national security market, JRAD and Sayres will now be working together with unified, mission-focused operational and financial leadership. Working in collaboration with Tim and continuing her leadership role within JRAD, Ms. Terri Hague, current JRAD COO, has accepted a new position as the President of JRAD.
Mike Diederen, CEO and co-founder of JRAD, remarked, “I can’t thank Steve Prichett and the Evergreen team enough for their professionalism, expertise and patience to get the sale across the finish line. Their expertise goes well beyond the Xs and Os. As a person who has slowly built up a business he loves and going through the mental gymnastics of the sale, their ability to provide clear guidance, stability and calm throughout the transaction speaks to them as professionals, and more importantly, people. It was truly a privilege to work with them and I can’t thank them enough.”
“We’re extremely excited to add JRAD to our GovCon platform – JRAD has a unique culture of customer and mission-focused performance and remarkably talented people supporting critical national security programs across the Federal Government,” says Reardon. “JRAD is a great step forward towards achieving our goal of building the next great middle-market support contractor.”
Evergreen Advisors Capital served as exclusive financial advisor to JRAD. Holland and Knight served as legal advisor to Broadtree Partners and Sayres Defense and Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to JRAD. NextFed provided market and commercial due diligence analysis and Aprio provided tax and transaction advisory services for Broadtree and Sayres Defense.
About Broadtree Partners
Broadtree Partners, headquartered in Charlotte, North Carolina, is a middle market private equity firm with a specific focus on aerospace, defense, intelligence, and federal civilian government services businesses. To date, Broadtree has three significant platform investments in these markets, and is positioned to fuel significant, long term, sustainable growth over the next few years with additional acquisitions in the government contracting space.
Central to Broadtree’s strategy is a commitment to identify and partner with talented executives from small to medium sized businesses to drive value while preserving legacy and company core values through flexible acquisition arrangements ranging from operational partnerships to seamless, coordinated exit and transfer of leadership. www.broadtreepartners.com
About Evergreen Advisors Capital
Evergreen Advisors Capital, LLC is a leading investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies in the areas of corporate finance, growth and exit strategies, valuations, and advisory services. For more information, visit www.evergreenadvisorsllc.com
Securities transactions conducted through Evergreen Advisors Capital/Member FINRA/SIPC.